Dockwise Ltd.
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Publicatie datum
19 feb 2010 - 07:48
Statutaire naam
Dockwise Ltd.
Titel
Q4 & Full Year 2009: Dockwise financial strength significantly improved; steady performance in challenging markets
Bericht
Breda, The Netherlands, 19 February 2010, DOCKWISE Ltd.,
Financial highlights Q4 2009
• Adjusted EBITDA of USD 42.1 million, with margin at 36% (Q3 2009: 43%);
• Net profit of USD 2.8 million before non-recurring items:
o Deal & financing-related net cash costs of USD 4.6 million
o Non-cash impairments on assets and loan fees of USD 14 million
• Vessel operating expenses reduced 12% to USD 11 million (Q3 2009: USD 12.5 million);
• Cashflow of USD 43 million generated by operations (Q3 2009: USD 29 million)
Financial highlights FY 2009
• Adjusted EBITDA of USD 223 million with margin at 45%, maintaining 2008 levels;
• Strong cash flow of USD 195 million generated by operations;
• CAPEX of USD 28 million (below annual runrate of USD 50 million);
• Year end net debt of USD 641 million (2008: USD 1,003 million);
• Year end net debt/EBITDA ratio 2.9:1
2009 Strategic and operational highlights
• Dockwise financial strength significantly improved:
o USD 250 million new equity used to reduce debt by USD 235 million
o Successful placement of 3i stake with new long term investors
o Secondary listing on NYSE Euronext Amsterdam
• New sales office in Malaysia, Singapore, Russia and Brazil;
• Completed CPOC float-over as primary project contractor to client;
• Bongkot float-over award signals Dockwise's market position as transport and installation services provider;
• Full year fleet utilization rate of 91% (2008: 99%)
Backlog
• Backlog end 2009 for Dockwise Heavy Lift of USD 324 million (Q3 2009: USD 339 million):
o USD 198 million for execution in 2010 (USD 174 million at the end of 2008 for execution in 2009)
o USD 65 million for execution in 2011 (USD 176 million at the end of 2008 for execution in 2010)
o Post year end almost USD 25 million new contracts signed
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Datum laatste update: 08 november 2024